The 7 Ps of Marketing
After you have developed your marketing strategy, you will need to use the “Seven P Formula” to continuously evaluate and reevaluate all aspects of your business activities. These seven Ps are product, price promotion, place, packaging and positioning, as well as people. The seven Ps must be reviewed regularly as products, markets and customer needs change quickly.
Product
Begin by looking at your product like you are a consultant to your company. Ask yourself critical questions like “Is your product, service, or combination of products and services appropriate and suitable for today’s market?”
If you are having trouble selling your products or services, it is important to establish a habit of looking at your business objectively and asking “Are these the right products/services for our customers today?”
What product or service are you offering that you wouldn’t offer again, now that you know what you know? Is your product or service better than any other available, if so, how? What is your product or service? Could you create an area of superiority if it is not? Is this a product or service you should be selling in the current market?
Prices
Price is the second part of the formula. To ensure that your products and services are still relevant to current market realities, you should develop the habit of constantly examining and revising the prices of your products and services. Sometimes, you may need to lower prices. So, you may need to increase your prices. Many companies have discovered that certain products and services are not profitable. They may lose some customers if they raise their prices but make a profit every time they sell. This could be a good option for you.
Sometimes, you may need to modify your terms and conditions. Spreading your price over a period of months or years can allow you to sell more than you do today. The interest you can charge will make up the difference in the cash receipts. You may be able to combine products and services with special offers or promotions. One can sometimes include additional items for free that are very affordable to make, but will increase the value of your products to your customers. Hire an agency which can give better services of digital marketing in Thane.
As in nature, business is not easy. If you feel frustrated or resistant in any aspect of your sales or marketing activities or sales, it’s okay to reconsider. Accept the possibility that your current pricing structure may not be appropriate for current market conditions. To survive and thrive in an ever-changing market, you must be open to the possibility of having to adjust your prices.
Promotion
Marketing and sales professionals should always think of promotion as a third habit. Promotion is how you tell customers about your products and services, and how you market to them.
You can make small changes to the way that you market and sell your products to see dramatic results. Small changes to your advertising can result in higher sales. By simply changing the headline of an advertisement, experienced copywriters can increase response rates by up to 500 percent.
Small and large companies from every industry experiment with new ways to advertise, promote, and sell their products and/or services. Here’s the thing: No matter what method you use to market and sell your products or services, it will eventually stop working. Sometimes it will stop working because you know it, while other times it will work for reasons that you don’t. Your methods of selling and marketing will eventually cease to work. You’ll need new strategies, products, and approaches in order to sell, market, and advertise again.
Place
The location where your product/service is actually sold is the fourth P of the marketing mix. It is important to regularly reflect on the exact place where your customer meets your salesperson. Sometimes, a quick increase in sales can be caused by a simple change.
There are many ways to sell your product. Direct selling is where companies send their salespeople to meet with prospects. Telemarketing is another option. Some people sell by mail order or catalogs. And some are sold at trade shows and in retail shops. Others sell in joint ventures that include similar products and services. Manufacturers’ representatives and distributors are sometimes used by companies. Many companies combine one or more of these options.
Each case is different and the entrepreneur must decide where the best place or location to provide the necessary information to the customer in order to help them make a decision about buying the product. Which is yours? What can you do to change it? What other places could you sell your products and services?
Packaging
The Packaging is the fifth component of the marketing mix. Make it a habit to look at all visual elements in your packaging from the perspective of a prospect. People form their first impressions about you and your company within 30 seconds. Customers will often react differently to small changes in packaging and external appearances of your products or services.
You should consider the entire customer experience from the moment they contact you to purchase your product or service.
Packaging is the exterior appearance of your product or service. The Packaging can also refer to the way your employees dress and groom. So, Packaging refers to everything about your company, including your offices, waiting rooms, brochures, correspondence, and all visual elements. The element counts. Every little thing can make or break your customer’s confidence. The aspect of your relationship with customers can affect their confidence in you.
So, every salesperson had to appear professional in all aspects. All aspects of their attire, including dark suits, dark tie, conservative hairstyles and polished shoes, convey professionalism and competence.
Positioning
Next is positioning. It is important to think about where you are in the minds and hearts of your customers. What does it take for people to talk and think about you even when you are not there? What is the way people talk and think about your company? How do people describe your company and what is your position in the market?
According to Attribution Theory, customers view you based on one attribute. Sometimes it’s “service.” So sometimes it’s excellence. It doesn’t matter what it is, but how deeply embedded that attribute is in your customers’ minds and potential customers will determine how easily they’ll purchase your product or service as well as how much they’ll pay.
You can improve your position by making a habit of looking at ways you can do it. Start by determining what position you want. What would you do to make the perfect impression on your customers? What should you do with every customer interaction in order to make your customers think and talk in this way? What are the changes you must make to your customer interaction to make sure that you’re the best choice for tomorrow’s customers?
People
The People are the final P in your marketing mix. You should develop the habit of thinking about the people within and outside your business that are responsible for all aspects of your marketing and sales strategy.
It is amazing to see how many business people and entrepreneurs will put in so much effort to plan and execute the marketing strategy. So, It is more important to hire, select, and keep the right people with the right skills and abilities to do what you are doing than all the other things.
You must have the ability to think about who will be doing each task or assuming responsibility in order to succeed in business. It’s often impossible to move forward until the right person is hired and placed in the right place. Many of the most successful business plans have been left on the shelves because their creators couldn’t find the right people to execute them.
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